The Marginal Product of Labor is
A) the change in total product resulting from an extra unit of labor, holding other factors constant.
B) the ratio of output to the number of workers used to produce that output.
C) the amount of output that can be produced by a given amount of labor.
D) equal to the marginal product of labor when the average product is increasing.
A
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In Figure 3-4, for which of the following would this statement be true: “To get more apples we have to give up wheat.” A movement from
A. A to E. B. C to D. C. D to C. D. D to E. E. B to C.
The Federal Reserve Banks are ________ institutions since they are owned by the ________
A) quasi-public; private commercial banks in the district where the Reserve Bank is located B) public; private commercial banks in the district where the Reserve Bank is located C) quasi-public; Board of Governors D) public; Board of Governors
For a monopoly to successfully price discriminate, its customers must:
a. feel that the product is a necessity. b. have identical demands. c. be unable to resell the product. d. actively engage in arbitrage.
Refer to the information provided in Figure 13.11 below to answer the question(s) that follow.
Figure 13.11Refer to Figure 13.11. Suppose a monopolist faces the demand and costs in the figure and is able to perfectly price discriminate. How much surplus is realized by consumers?
A. $0 B. $16,000 C. $32,000 D. Indeterminate from the given information.